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China to use soybean tariff revenues to compensate companies

China’s Commerce Ministry says it will use funds collected from tariffs on U.S. farm commodities to help Chinese businesses cope with U.S. tariffs on Chinese goods.

A spokesman from the ministry, quoted in a Chinese publication, says revenues collected from the 34 billion dollars in retaliatory tariffs that China placed on U.S. ag products will be used to help mitigate the negative impact of U.S. tariffs on “businesses and employees”.

China is also urging Chinese importers to shift their purchases away from the U.S. and to “increase imports of agricultural goods such as soybeans, seafood and cars from other countries and regions”, according to the media report.